Is This Advice Going to Help You 10X Your Business?

In today’s video, Matt is reviewing another video that suggests how a business can grow 10X. This time the strategy is different than most other videos. It’s on the right track, but some of it misses the mark.

There are tons of people out on social media giving business advice. Some of it is good advice, but most of it isn’t good. In this series watch CapForge’s owner react to different advice videos. He’s an expert in all things business and has 20+ years of experience under his belt. Some of the things he reacts to might even surprise you!

Video Transcript: 

Business Advice Video:

But if you’re properly building your business, you can actually work smarter, not harder, and you can get a 10X multiplier for less effort. If you’re the business owner and you’re grinding and pushing and grinding and working 15 hours or 18 hours under pressure seven days a week, you can actually achieve a 10X growth by finding 10 people to do 1/10 of the things that you do, teach them to do it as a team, and then they multiply by 10. 

Matt’s Review: 

I get the concept, and I think he’s generally right that if you’re working 15 or 18 hours a day, what you need to do is start delegating those tasks out. Out of a 15-hour day, there’s probably two or three hours of things that you’re doing that are helping grow the business, and the rest of it is just admin and tasks and things that you haven’t handed off. So figuring out how to hand those things off and then spending an eight-hour day doing eight hours of things that actually add to the business is going to get you there much faster. The idea that you’re going to take 10 people and teach them each 1/10 of what you do, that’s not really how it works in the real world. Your one-hour task, you’re not doing a full day’s work in each hour of your day. So there’s not really something to hand off to somebody that you do in one hour that they do in an 8-hour day. But whatever, the concept is solid, right? If you want to grow, you have to build a team. And the team has to do the work. And the more there are of the team doing the work, the more the business can grow beyond what you can personally achieve. You will get stuck, somewhere between half a million and a million and a half a year in revenue, depending on what kind of business you have, when you work by yourself. Or you only have a couple of helpers, and you as the business owner, are doing all the key things. You’re just not gonna be able to do more than a certain amount. Even if you work overtime, you work weekends. There’s a limit to how much you can do, how many hours, how many balls you can juggle before your quality starts dropping off and you stop getting new customers at the same rate. And you can’t do what you used to do as well as you did it and you stop, you know, it’s just you hit a natural cap. The way to overcome that is to build a team, to delegate, to create processes and procedures that they can follow, and then you can scale again. And then you can scale to infinity. As much as you’re willing to delegate and grow and build a team, you can get as big as you want to get. But until you’re willing to do that and able to do that and want to make that your mission, instead of just grinding away every day at the same day-to-day tasks, you’re going to get stuck at some point. So. If growth is the goal, and I think that’s an admirable goal, and I think it actually does get a lot easier when you have a team and it’s not all just you, then what you want to focus on is building that team.